Does American Financial Group have an economic moat?
Maybe
American Financial Group earns 16.8% a year on the money invested in it: decent, but not the clear sign of a wide moat.
The numbers behind it
Return on invested capital, average of recent years16.8%
Return on invested capital, latest year3.4%
Gross margin32.4%Share of each sale left after production costs
Net margin10.4%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about American Financial Group
Data as of Nov 13, 2026.